Judgment_paragraph 80 · Banco Cooperativo Español, SA v Single Resolution Board (T-499/20)

80The concept of ‘group’ is defined in Article 2(1)(26) of Directive 2014/59 as meaning ‘a parent undertaking and its subsidiaries’. The concepts of ‘subsidiary’ and ‘parent undertaking’ are, for their part, defined in Article 2(1)(5) and (6) of that directive, by reference to Article 4 of Regulation No 575/2013, which refers to Articles 1 and 2 of the Seventh Council Directive 83/349/EEC of 13 June 1983 based on the Article 54(3)(g) of the Treaty on consolidated accounts (OJ 1983 L 193, p. 1), which correspond, in essence, to Article 22(1) to (5) of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ 2013 L 182, p. 19). It follows from those definitions that the relationship of parent undertaking and subsidiary presupposes a form of control that involves the parent undertaking holding a majority of voting rights exercised by the shareholders or members within the subsidiary, a right to appoint or remove some of the directors or senior managers of that subsidiary or alternatively a dominant influence over that subsidiary (judgment of 3 December 2019, Iccrea Banca, C-414/18, EU:C:2019:1036, paragraphs 85 and 86).

Banco Cooperativo Español, SA v Single Resolution Board (T-499/20)

Key facts

History · 1 version

Connections